Marketing BME TEST - Marketing Mix (4 Ps), Market Plan, Costumer/Consumer profiling.

What is is a marketing plan?

A marketing plan is a document that outlines how a company will achieve its marketing goals, strategies, and resource allocation to reach a target audience and achieve specific goals. 

What are the steps to the simple marketing plan?

Market position, Competitor analysis, Target market analysis, marketing goals, marketing strategies, Costing, Marketing mix

The four core marketing strategies, to promote market growth for a product?

Market penetration - selling more G &S to the same costumers. New market - Sells the same G &S to a new market. New product - Sells new G & S to existing market. Diversification - new product ,new market.

What does market position mean?

A summary of the current situation of the business,, including what they sell, where they sell it, who, physical appearance.

What is a competitor analysis?

An assessment of the strengths and weaknesses of current and potential competitors.

What is a SWOT analysis?

Strengths, weaknesses, opportunities, threats.

What is a target market analysis mean?

This involves segmenting the market of potential costumers, and choosing which segment is appropriate for the business. The DLGB of costumers vary and there are many ways to collect this information. The business will also consider the barriers on entering the market, such as costs.

What are marketing goals?

SMART (specific, measurable, achievable, realistic and time-bound) goals that will be used in order to see market objectives and properly target the market identified. (refer to target market when answering)

What is a marketing strategy?

The application of the marketing mix in order to realise marketing goals and objectives.

What is costing?

Costing refers to how much each product costs to make and how much they sell for. The business can then determine their profit and if the product is worth it.

What is the Marketing mix?

The marketing mix is used to create the marketing strategy by breaking down each part of the what is being offered and how it can best be marketed. This refers to all 8Ps. Product, place, price, promotion, physical presence, people, process, and performance.

What is a product?

The goods or service that the business sells to meet the needs and wants of the target market.

What does Packaging refer to?

Packaging is used for the containment, protection, handling, delivery and presentation of the goods. Primary Packaging - used to package during purchase. Secondary - Packaging used for display at store. Tertiary - used for handling and transport.

Product - How can labelling be used?

To inform the consumer (if legally required) of ingredients, origins, nutritional info, warnings and used-by-dates. Or it is also an optional way to market product. E.g. slogans, blurbs, branding.

Price of a product - What does it refer to?

This involves using methods and determining the pricing strategy, considering factors like production costs, competitor pricing, and customer willingness to pay.

Place

The method the business uses to distribute the product or service to costumers. How the product gets from the producer to the consumer. Manufacturer - Wholesaler - Retailer - Consumer

How has the internet affected the distribution chain.

Small business and manufacturers can access consumers directly. Lessening the role of wholesalers and retailers, replacing distribution organisations such as Australian post.

Promotion

The communication of information about the product to the target market, which is used to influence the behaviour and attitudes of the consumer.

What is personal selling?

Personal selling: Saes personnel discuss product with costumers and attempt to make sales.

What is the push promotional strategy?

Firms promote a product to customers through selling the product to the costumers based on features etc. (Can lead to quick sales and increased visibility, but may not build strong customer relationships.) Information being pushed down the distribution chain of wholesalers and retailers. The are meant to know lots about the product to advocate for it to costumers.

What is the pull promotional strategy?

he business promotes product to create demand for it. Involves a lot of spending on advertising before the release of a product or service, to create demand for teh product or the service. (Advertising) (Builds stronger customer relationships and brand loyalty, but may take longer to see results.) 

What is costumer profiling?

Collection information about the business’ costumers, who are consumer who want to buy their product or service. Every costumer has different buying motive, so business should define specific groups of costumers, in relations to target market.

How to costumer profile?

Demographics, Location, lifestyle, behaviour, buying motives.

What is a buying motive?

Their initial motive is to satisfy a need or want. Their buying patterns are focused into two separate focus areas - rational ( quantifiable reason ) or emotional (feelings). Big capacity car vs sports car

What is competitor profiling?

Collect information from competitors who are producing a similar good or service. Most info is not available in the public domain, especially if company is not public.

How is a basic competitor analysis developed?

SWOT analysis.

How is a simple competitor analysis developed?

A table comparing main competitors along a range of elements such as pricing, quality, reputation.

How is a complex competitor analysis developed?

Divided into an analysis of management, marketing, operations, human resources and financing. Competitor must be described for each of theses.

What is the difference between direct and indirect distribution?

Direct distribution involves a manufacturer selling products directly to consumers, while indirect distribution uses intermediaries like wholesalers or retailers to get products to the end customer. 

Difference between brand and branding

This includes the brand (images), branding (words associated with it) which creates product differentiation. (brand must have unique elements e.g. font, colour, graphic design used)

What are the features in a product?

Attributes, quality, design and benefits

What is positioning?

How the product is designed to be perceived in the marketplace by the target market against its main competitors. Crowded market is hard to stand out, so simple messages are needed. Used to differentiate a product.

What is skim pricing?

Setting a high price because customers are happy to pay more. (Luxury goods, early adopters don’t care about price in order to get the product first.

What is penetration pricing?

Setting a low price to attract a higher number of costumers. The product has to be relatively popular. Used when a new competitors move into the same mass market.

What is premium pricing?

Setting the price above the market price to create a sense of exclusivity, suggests higher quality and more unique

What is psychological pricing?

Setting the price based on the perception of costumers, or to give the an "illusion" that they are getting a better deal. Odd-even pricing

What is Loss Leadership pricing?

Loss Leadership Pricing - Selling a product below cost, a loss is made but draws costumers in and they may spend money on other items so added profit.

What is price leadership pricing?

Price leadership - Business has significant influence, dictating when price should increase or decrease for an industry, then other firms will follow suit. (has to be large business with lots of market share)

What is publicity?

Promotional method that involves media runs stories about the product, not paid for. (TV, newspaper, Internet, viral social media, or YouTube etc.)

What are sales incentives?

Sales through special deals. (Sales, discounts for certain people, coupons, etc.

What is advertising?

Promotion in advertising media, paid for. (TV, newspaper, Internet, viral social media, or YouTube etc.)

What is vital marketing?

A method that relies on a multimedia message being passed form one person to another to create awareness and interest for the product. Consumers distribute the advertisement instead of a business having to pay. Has more credibility as it came from a friend.

What is a market?

 a location where transactions take place, whether it is physical and virtual.

What are the pricing methods?

Competitor (milk), Market (fuel), Discount (clothes), Cost + Margin (Insurance), Value-based (Nike), Target (Franchise)